DW's email cuts to the heart of the matter. Firstly, ounces in the ground establishes the resource viability. But valuing those ounces - that is, making the jump from order of magnitude $10 per oz to order of magnitude $100 per oz - needs a mine or two. Webb is a competent, calculating captain. Let's not second guess him.

Separately, gold will stay in a bull market even if China decides to convert all their reserves to green tea. We are destroying our currency, not China. We need no help in that regard.

Strike